CAN ANY ONE EXPLAIN IN DETAILS, HOW INTEREST IS EARNED.?
Hello to all of you who will be reading this, I want to start by thanking all of you, For reading this! I been in steemit for one week as you can see my content writeing is not good.
May major concern is regarding interest, as a "Muslim we are not alloud to consume, Interest. Can someone tell me how much of what we earn is generated from interst.
Hi,
this is a very interesting question. I'm not sure if anyone here can answer that in the specific context of islam - you had better ask a religious authority.
I'd guess (but I'm not muslim) that islam does not allow you to demand interest when lending someone money. You might argue that in steem you don't lend anyone money, so whatever steem gives you as payout may not be interest in the sense of islam.
The steem whitepaper talks about interest in connection with "steem (based) dollars". This interest is accrued automatically if you have an SBD balance, and it is automatically paid out when your SBD balance changes (but not more often than every 30 days). You should see these payments in your account history.
For vested steem (aka steem power) you do not receive interest, or at least the whitepaper doesn't call it interest. If you have steem power you will notice that the amount that you have increases over time, even if you don't earn anything in the form of author or curation rewards. What happens here is comparable to owning shares in a company. The amount of shares that you hold stays the same, but the amount of steem in the pool represented by these shares increases over time. The amount of steem in the pool increases not from someone paying interest, but from inflation. Whenever the system pays out steem as rewards, more steem is created and put into the pool. Theoretically, the inflation does not alter the total value of the system, therefore my guess would be that islam does not forbid this way of profiting.
Again, if you want to be sure consult a religious authority.
Thank you for taking your time explaining it the way you did, if I look @ it as shares then this would be ok, but the fact, u most hold 25% in steem power which we have no choice, for two years, that 25% genarates interest, that's why you get 1% interest daily, and just like the banks that's the only way they can sorvive,
Cyrano-witness regarding interest that can be work't, and I will get one of the scholar to look at the white, paper, I would be great full if you can in list Islam in the many list of pages.
Hello @Cryptosteem,
We actually don't accumulate interest on our STEEM, however the price of it fluctuates, so for example, if it's worth $500 right now, tomorrow it could be worth $550, not because of interest, but because the market demand goes up for it :)
Hope this clarifies some stuff up for you, have a great day!
That may be true for STEEM and STEEM DOLLARS, but I'm pretty sure STEEM POWER accrues interest in addition to being impacted by market forces. If you go to https://steemstats.com, put in a user name, and go to the Steem Power tab, it should show you the accrual rates and how much interest that individual is accruing over various time periods.
I'm pretty new here though, so I could be mistaken.
Is that right? In my Wallet it says that I have earned interest. A very small amount... 2 days ago interest 0.001 SBD. Which appears to have been added to my Steem Dollars balance.
You can download the white paper with the technical details of how the sysytem works from the following site, take it to one of your religious scholars, and get his opinion. I think that he will no problem with it.
steem.io
Because if I know how much interest I earn I have to give the interest away to charity.
This should answer your questions - https://steem.io/getinvolved/steem-backed-dollars/
Thanks
May I ask, if I hv steem dollar, to buy steem or convert to steem is more worth? Thanks
I don't know how all this work. I want to find out to?
Thanks guys! I wanted to invite lots of people but was put of with earning interest. So thanks for all your info
All the information you need is here:
https://steem.io/SteemWhitePaper.pdf
Thanks I look't at the white paper but it was to much to take in. Thank you